REGIONAL BUSINESS CYCLES SYNCHRONIZATION AND REGIONAL INEQUALITIES IN THE EU

Dimitris KALLIORAS

Professor, University of Thessaly

dkallior@uth.gr

ORCID: 0000-0003-3060-3745

Spyros NIAVIS

Assistant Professor, University of Thessaly

spniavis@uth.gr

ORCID: 0000-0001-9210-9190 

George PETRAKOS

Professor, University of Thessaly

petrakos@uth.gr

 ORCID: 0000-0001-6542-6799

Maria TSIAPA

Assistant Professor, University of Thessaly

mtsiapa@uth.gr 

ORCID: 0000-0001-5852-8156

Abstract

The paper examines the impact of the synchronization of regional business cycles on the evolution of regional inequalities in the EU. The topic is crucially important given that the relation between the synchronization of regional business cycles and the evolution of regional inequalities reveals whether (and to what extent) sectoral shocks are distributed evenly or unevenly within the integrated economic space. The analysis of the paper refers to 242 EU NUTS II regions and covers the period 1990-2020. Using sound and rigorous methods of empirical analysis, the paper presents clear-cut empirical evidence that shed light on academic theory and provide valuable insight to policy making.

Keywords: EU regions, business cycles synchronization, inequalities

JEL classification: E32, R11, R15

Funding

The authors gratefully acknowledge the funding from the EU Horizon Program, project number 101061104 – ESSPIN “ECONOMIC, SOCIAL AND SPATIAL INEQUALITIES IN EUROPE IN THE ERA OF GLOBAL MEGA-TRENDS”. The opinions expressed in this document are the sole responsibility of the authors and do not necessarily represent the official position of the EU.

pp. 37-51

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SAVINGS AND ECONOMIC DISASTERS: GLOBAL EVIDENCE

Vladimir ŠIMIĆ

Faculty of Economics, Business and Tourism Split, University of Split; Croatia, Full professor

vsimic@efst.hr

Bruno ĆORIĆ

Faculty of Economics, Business and Tourism Split, University of Split; Croatia, Full professor

bcoric@efst.hr

Abstract

In recent literature, economic disasters have shown promising potential to fill some important gaps in empirical research. The term economic disaster is used in the literature to identify particularly large economic crises, and Barro and Ursúa (2008, 2012) define it as a cumulative decline in output or consumption over one or more years of at least 10 percent. The contribution of economic disasters has been recognized in a number of phenomena ranging from those of finance to those of traditional macroeconomic analysis related to investment and output. Using the recently updated and expanded Ćorić (2021) database on economic disasters, this paper re-examines the impact of economic disasters on saving. Early studies suggest that theoretically negative effects are to be expected. However, more recent empirical research by Aizenman and Noy (2015) shows that economic disasters increase the savings rate. This result implies that the predominant effect of uncertainty related to economic disasters is to increase precautionary saving, which is in contrast to previous findings in the literature. The present study therefore aims to investigate this discrepancy in the results by providing new empirical evidence based on the new database on economic disasters. This database covers a much larger number of countries and thus provides new insights into the relationship between economic disasters and saving from a global perspective. Using a sample of 169 countries, both developed and less developed, since 1980, this study finds that economic disasters have a positive effect on saving and that the effect is statistically significant.

Keywords: Saving, Economic disasters, Global evidence

JEL classification: C5, E2, O4

Acknowledgment: This article was supported by the Croatian Science Foundation under the project IP-2020-02-9710.

pp. 25-35

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ADVANCING A NEW ERA IN HIGHER EDUCATION MANAGEMENT: A STAKEHOLDER OVERVIEW ANALYSIS FROM EUROPEAN AND NON COUNTRIES

Ina SEJDINI

Lecturer, Professor, University of Elbasan

ina.sejdini@uniel.edu.al

Imelda SEJDINI

Associate Professor, University of Elbasan

imelda.sejdini@uniel.edu.al

Ardita TODRI

Associate Professor, University of Elbasan

ardita.todri@uniel.edu.al

Petraq PAPAJORGJI

Professor, Proinfinit Consulting Tirana

petraq@gmail.com

Christos Ap. LADIAS

Professor, Regional Science Inquiry Journal, Greece

ladias@rsijournal.eu

Filip RUXHO

Associate Professor, University “Haxhi Zeka”

filipos.ruxho@unhz.eu

(Corresponding Author)

Abstract

This paper aims to explore how higher education institutions’ (HEI) top managers, students, professors, assistant professors, education experts, and administrative staff evaluate the Albanian, Algerian, Polish, Turkish, and Spanish institutional openness toward the responsibility and sustainability approaches and analyze how it can be improved. In this research study participated 406 individuals out of 680 that were contacted. The study participants’ data were collected using an online questionnaire. The questionnaire uses four pillars concerning institutions’ responsible and sustainable approaches, each containing eight elements. These pillars are: Culture, Resources, and Infrastructure in higher education institutions; Research and Responsible Education; Solidarization for Sustainable Development and Social Management and Knowledge. We start the research with a hypothesis-free approach, and in the following, we handle a hypothesis-based approach. The study shows that the Spanish HEI exhibit higher engagement in terms of responsible and sustainable approaches followed by Turkish, Albanian, Algerian and Polish ones. Further, our analysis suggests that improving Culture, Resources, and Infrastructure toward responsible and sustainable approaches is strongly correlated with the efficient management of Research and Responsible Education, Solidarization for Sustainable Development and Social Management and Knowledge in these institutions.  The study provides some practical implications for HEI stakeholders and line institutions.

Keywords: higher education institutions management, responsible management, sustainable management, countries mindsets

JEL classification: Q01, Q28, Q55

pp. 11-24

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